Empire Catering completed the following transactions during January 20X1: Jan 1: Prepaid rent for three months, $210 Jan 5: Received and paid electricity bill, $15 Jan 9: Served meals to customers and received cash, $200 Jan 14: Paid for kitchen equipment, $205 Jan 23: Served a banquet on account, $75 Jan 31: Made the adjusting entry for rent (from Jan 1) Jan 31: Recorded depreciation for January on kitchen equipment, $25. How much net income should Empire report for January if the Company uses: (i) cash-based accounting and (ii) accrual accounting? O(i)-$20; (ii) -$40 O()-$20; (ii) $190. O() -$230; (ii) $165. O() -$230; (ii) $260. None of the above.